Rajat Gupta sentenced to 2 years in jail for insider trading

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Rajat Gupta sentenced to 2 years in jail for insider trading

11 Dec, 2012

Text courtesy: AP

Rajat Gupta, right, declines to answer questions as he leaves federal court in New York, October 24, 2012 after the former Goldman Sachs and Procter & Gamble Co. board member was sentenced Wednesday to 2 years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend. Left is Gupta's attorney Gary Naftalis. AP

A former Goldman Sachs and Procter & Gamble Co. board member once widely respected worldwide for his business smarts was sentenced Wednesday to 2 years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend.

The Indian-born Rajat Gupta, 63, of Westport, Connecticut, was sentenced by U.S. District Court Judge Jed Rakoff, who also ordered him to pay a $5 million fine. The Harvard-educated businessman long respected on Wall Street was one of the biggest catches yet for the federal government in its five-year crackdown on insider trading that has so far resulted in 69 convictions.